Fidelity Latin America Fund (FLATX)
The investment objective of Fidelity Latin America Fund is to provide long-term growth of capital. The fund invests >80% of assets in securities of Latin American issuers and other investments that are economically related to Latin America. It typically invests in common stocks and allocates investment across different Latin American countries. It uses fundamental analysis of factors such as each company’s financial condition and industry position, as well as market and economic conditions to select investments. The fund is non-diversified.
Fund Details- Fund Inception Date: April 19, 1993
- Ticker Symbol: FLATX
- CUSIP: 315910844
- Beta (3yr): 1.01
- Rank in category (YTD): 76%
- Category: Latin America Stock
- Distribution: 1.67%
- Capital Gains: 0%
- Expense Ratio: 1.00%
- Net Assets: $ 2.48 billion
- Number of Years Up: 10 years
- Number of Years Down: 8 years
- Annual Turnover Rate: 11.00%
This Fidelity Latin America Fund has total net assets of $2.48 billion. It was first introduced to public in April 1993. Adam Kutas is the current fund manager. He started managing this fund in February 2009. This Latin America Stock fund is a no load fund. The annual expense ratio of this fund is 1.00%. There is no management fee and no front-end sales load fee for investing in it. It also has low annual holdings turnover of 11% as of October 16, 2012.
Top Performer Diversified Emerging Markets Mutual Funds 2012
The 5-year average return of this fund is -2.04%. It also has YTD return of 0.74%. Morningstar analysts rated this fund with Neutral rating and 4-stars rating. Since its inception, it has recorded in 10 years of positive return. The best 1-year total return was in 2009 with 91.60%. Based on the load adjusted returns, the fund’s performance is as below:
- 1-year: 10.47%
- 3-year: 3.83%
- 5-year: -2.04%
- 10-year: 22.74%
The top 10 holdings of this fund as of September 2012 are America Movil SAB De CV Service L, Itau Unibanco Holding SA, Petrobras PN, Petrobras Brasileiro SA, Wal Mart De Mexico SAB De CV C, Bebidas Das AM(CIA) PFD SP ADR, Vale SA PFD A, Banco Santader Chile Spon ADR, Fomento Econo Mex(femsa) SP ADR and CIA Aceros Pacifico (Reg). This top ten represents 50.62% of the total portfolio. The major market sectors are Consumer Staples (21.14%), Financials (16.91%) and Telecommunication Services (16.77%).
According to the fund prospectus, the principal investment risks are stock market volatility risk, foreign exposure risk, Geographic concentration in Latin America risk, Issuer-specific changes risk, etc.
Disclosure: No Position
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